There are now nearly 40M Bitcoin addresses in profit — A new record
As Bitcoin (BTC) is currently trading at around $34,000, it's worth noting that approximately 80% of Bitcoin addresses are currently showing a profit, or "in the black," at this price level. However, it's important to recognize that BTC's price is still trading at roughly 50% below its all-time high. This indicates that a significant portion of Bitcoin holders have acquired their coins at lower price points and are currently in a profitable position, despite the cryptocurrency's price being well below its historical peak.
David Becker 
Despite Bitcoin's (BTC) price trading at roughly 50% below its all-time highs, a record number of wallet addresses are currently "in the black," according to the latest data from on-chain analytics firm Glassnode.
As of October 30, there were 39.1 million Bitcoin addresses in profit, marking the highest number ever recorded for the cryptocurrency. This surpasses the previous peak of 38.1 million, which was observed in November 2021 when BTC/USD was trading at all-time highs, resulting in 100% of addresses with a non-zero balance being in profit.
While the current BTC price remains significantly lower than its previous all-time high levels, the total number of non-zero addresses has now reached 48.3 million. In terms of percentage, the addresses in profit are at 18-month highs, with 81.1% of addresses being in profit, up from 60% over the past two months.
On the other hand, addresses at a loss currently stand at just over 9 million, a notable decrease from their peak in December 2022 when there were over 20 million addresses at a loss.
Recent BTC price gains have not only returned long-term holders (LTH) but also short-term holders (STH) to profit. This has led to profit-taking, particularly as the market surpassed the $34,000 mark. However, long-term holders have shown minimal profit-taking in comparison to their short-term counterparts.
This data highlights the difference in mentality and behavior between various cohorts of Bitcoin holders, with long-term holders demonstrating stronger conviction and holding onto their investments even in the face of price fluctuations.
The charts from Glassnode also track inflows to exchanges from long-term holders and in-profit short-term holder entities, indicating the movement of Bitcoin between these groups.
